Essar Shipping Ltd. v. CIT

426 ITR 220High Court#25695 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2022 to 2025.

Sections most often in play

Section 251(1)(a)Section 28(iv)Section 36(1)(iii)Section 41(1)

Judgments citing Essar Shipping Ltd. v. CIT

ASSISTANT COMMISSIONER OF INCOME TAX, PANCHKULA CIRCLE, PANCHKULA, PANCHKULA vs. VENUS REMEDIES LIMITED, CHANDIGARH

In the result, the appeal of the Revenue is dismissed

ITA 378/CHANDI/2024[2020-21]Status: DisposedITAT Chandigarh28 May 2025AY 2020-21

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. MANOJ KUMAR AGGARWAL (Accountant Member)

For Appellant: Shri Rajesh Sethi, Sr. Advocate with Shri Jaspoal Sharma, AdvocateFor Respondent: Smt. Kusum Bansal, CIT, DR (Virtual Mode)

Section 251(1)(a)Section 28Section 41(1)

…originally allowed as a deduction or trading liability in earlier years. 6.3 The Ld. AR also placed reliance on several judicial precedents which have taken a consistent view on the issue, including decisions of the Bombay High Court in Essar Shipping Ltd. (426 ITR 220) and Vibhadeep Investments, the Chandigarh Bench of the ITAT in Jai Pal Gaba, the Bangalore Bench of the ITAT in Kaptronics Pvt. Ltd., the Mumbai Bench in Tikona Trust, the Visakhapatnam Bench in Sri Vasavi Polymers, and the Karnataka High Court in I.G. Petrochemicals Ltd., among others. These judgments uniformly hold that waiver of principal amo…

DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE -3, NASHIK vs. WINDSOR MACHINES LTD., MUMBAI

In the result, the appeal of Revenue is partly allowed

ITA 915/PUN/2022[2011-12]Status: DisposedITAT Pune20 Oct 2023AY 2011-12

Bench: Shri S.S. Viswanethra Ravi & Shri G.D. Padmahshali

For Appellant: Shri Kishor B. PhadkeFor Respondent: Shri Ajay Kumar Kesari

Section 3Section 32(2)

…pplicability of section 41(1) of the Act. Further, it held section 28(iv) of the Act does not apply on the present case since the receipts are in the nature of cash or money. 14. The Hon’ble High Court of Bombay in the case of Essar Shipping Ltd. reported in 426 ITR 220 (Bombay) on 05-03-2020 which is at page 530 of the paper book followed the ratio laid down by the Hon’ble Supreme Court in the case of Mahindra and Mahindra Ltd. (supra) and held even if a loan is written off or waived, which can be for various reasons, that waiver of loan cannot be brought to tax under Section 28(iv) of the Act. The facts therei…

ACIT CENT. CIR 5(4), MUMBAI vs. SHRI SUNIL B.DALAL, MUMBAI

In the result, Appeal of The ld AO is dismissed

ITA 2239/MUM/2021[2018-19]Status: DisposedITAT Mumbai12 Jul 2022AY 2018-19

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm The Asst. Commissioner Of Income Tax, Shri Sunil B Dalal Central Circle 5(4) D/52, Tarabaug Estate, Room No.1927, 19Th Floor, Charni Road, Vs. Air India Bldg, Mumbai-400 004 Nariman Point, Mumbai-400 021 (Respondent) (Appellant) Pan No. Aaepd3658F Assessee By : Shri Sashi Tulsiyan, Ar Revenue By : Shri Hoshang B. Irani, Dr Date Of Hearing: 06.07.22 Date Of Pronouncement : 12.07.2022

For Appellant: Shri Sashi Tulsiyan, ARFor Respondent: Shri Hoshang B. Irani, DR

Section 143Section 143(3)Section 28Section 41(1)Section 56(2)Section 56(2)(x)

…usiness of the assessee as this money was not used for advancing further. Further, write back is of the money Shri Sunil B Dalal; A.Y. 18–19 and not in kind. He further relied on the decision of Hon'ble Bombay High Court in case of Essar Shipping Ltd. Vs. CIT 426 ITR 220 and Pr. Commissioner of Income Tax Vs. SICOM Ltd. in [2020] 274 Taxman 58 (Bombay). He further relied on Plethora of judicial precedents of Hon'ble High Court and co-ordinate benches. With respect to the decision of Solid Containers Limited (supra), he submitted that Hon'ble High Court had held that the loan was for business purposes and a direct…